Is the altcoin season upon us?
Quick takeaways:
- Despite growing talk of a full-blown altcoin season, there are better (fundamental) explanations for a number of recent alt breakouts
- Assets covered: KNC, ZRX, MKR, LEND, MATIC, ADA, THETA
- Metrics used: Social volume, Top holders, Bitcoin market cap dominance, Percentage of coin's supply on exchanges, Mean coin age
As Bitcoin has continued to trade sideways for over two weeks now, there has been a number of high-profile decouplings and seemingly random altcoin breakouts that kept the starved market speculators engaged.
The recent pump squad was led by the likes of ADA, MATIC, THETA, as well as a number of defi-related tokens like KNC, ZRX, MKR and AAVE. In fact, so many coins pumped recently that there’s been growing talk of a full-blown ‘altcoin season’, as some in the market expect this
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